Should You Sell First or Buy First in the Current Olympia Real Estate Market

Deciding whether to sell your Olympia home before buying a new one is a common dilemma for many homeowners. The fear of being stuck without a place to live or losing a great buying opportunity can feel overwhelming. This post breaks down the current market conditions and practical options to help you make a confident, stress-free move.

Quiet residential street in Olympia with well-kept homes and greenery

Current Seller Advantage in Olympia

Right now, Olympia’s housing market favors sellers. Homes are selling faster than usual, often with multiple offers. The average time on market for many properties is under two weeks, which means sellers can expect quick sales if their home is priced right and well-presented.

This seller-friendly market gives you some power if you decide to list your home first. You can often sell quickly and at a good price, which can make your next purchase easier to plan. However, the challenge is finding your next home in a competitive market where buyers are also moving fast.

Bridge Loan Options to Consider

If you want to buy before selling but worry about financing two homes at once, a bridge loan might be a solution. This short-term loan helps cover the down payment on your new home while your current home is still on the market.

Bridge loans can be useful but come with higher interest rates and fees. They require good credit and a clear repayment plan. If you qualify, this option lets you move quickly on a new home without waiting to sell first.

Rent-Back Agreements for Flexibility

Another way to ease timing concerns is a rent-back agreement. After selling your home, you can negotiate to stay in it as a renter for a set period. This gives you time to find and close on your next home without rushing.

Rent-back agreements benefit both parties: sellers get their home sold, and buyers have more time to move out. In Olympia’s market, many sellers are open to this arrangement, especially if it helps close the deal faster.

Using Contingent Offers to Protect Yourself

Contingent offers let you make an offer on a new home while your current home is still for sale. The purchase depends on selling your existing property first. This approach reduces the risk of owning two homes but can be less attractive to sellers who want a quick, certain sale.

In Olympia’s fast market, contingent offers may not always be accepted, but they are worth trying if you want to avoid financial strain. Your real estate agent can help craft a strong contingent offer that appeals to sellers.

How Long Are Homes Taking to Sell?

Currently, homes in Olympia are selling in about 10 to 14 days on average. This is faster than the typical 30-45 day period seen in slower markets. The quick pace means you need to be prepared to act fast, whether selling or buying.

Knowing this timeline helps you plan your move strategically. For example, listing your home when you are ready to buy can reduce the time you spend in limbo.

Timing Your Move Strategically

Timing is key to a smooth transition. Here are some tips to help:

• Get pre-approved for a mortgage before you start house hunting. This speeds up your buying process.

• Work with an experienced agent who knows Olympia’s market and can coordinate your sale and purchase.

• Consider your personal situation such as job changes, school schedules, or family needs.

• Plan for contingencies like temporary housing or storage if your move dates don’t align perfectly.

  
  

By understanding the market and your options, you can create a plan that reduces stress and avoids last-minute surprises.

Making the decision to sell first or buy first depends on your financial situation, risk tolerance, and timing needs. Olympia’s current market favors sellers, which can make selling first a strong choice. But options like bridge loans, rent-back agreements, and contingent offers give you flexibility.